EOG Resources (EOG) Upgraded to “Overweight” by JPMorgan Chase & Co.

EOG Resources (NYSE:EOG) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Friday, The Fly reports. The brokerage presently has a $118.00 price target on the energy exploration company’s stock, up from their prior price target of $117.00. JPMorgan Chase & Co.’s price objective would indicate a potential upside of 10.42% from the company’s current price.

A number of other research firms have also recently commented on EOG. Piper Jaffray Companies set a $138.00 price target on EOG Resources and gave the stock a “buy” rating in a report on Sunday, September 30th. Morgan Stanley upped their target price on EOG Resources from $122.00 to $123.00 and gave the stock a “hold” rating in a report on Wednesday, September 26th. BMO Capital Markets reaffirmed a “buy” rating and issued a $140.00 target price on shares of EOG Resources in a report on Thursday, October 11th. Zacks Investment Research raised EOG Resources from a “hold” rating to a “buy” rating and set a $137.00 target price for the company in a report on Tuesday, October 16th. Finally, ValuEngine raised EOG Resources from a “hold” rating to a “buy” rating in a report on Wednesday, September 19th. Nine analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $136.33.

Shares of EOG Resources stock traded up $4.73 during trading on Friday, reaching $106.86. 19,444 shares of the company’s stock were exchanged, compared to its average volume of 3,780,928. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.92 and a current ratio of 1.09. EOG Resources has a 1-year low of $96.54 and a 1-year high of $133.53. The stock has a market capitalization of $60.35 billion, a P/E ratio of 95.95, a price-to-earnings-growth ratio of 1.23 and a beta of 1.20.

EOG Resources (NYSE:EOG) last posted its quarterly earnings results on Friday, November 2nd. The energy exploration company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.19. EOG Resources had a return on equity of 16.79% and a net margin of 30.90%. The company had revenue of $4.78 billion during the quarter, compared to analysts’ expectations of $4.20 billion. During the same quarter in the previous year, the firm earned $0.19 EPS. EOG Resources’s revenue was up 80.8% on a year-over-year basis. On average, research analysts forecast that EOG Resources will post 5.96 earnings per share for the current year.

In other news, Director Charles R. Crisp sold 1,792 shares of the stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $116.80, for a total value of $209,305.60. Following the completion of the sale, the director now owns 49,741 shares of the company’s stock, valued at $5,809,748.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David W. Trice sold 2,489 shares of the stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $127.44, for a total value of $317,198.16. Following the completion of the sale, the executive vice president now directly owns 74,807 shares of the company’s stock, valued at approximately $9,533,404.08. The disclosure for this sale can be found here. Corporate insiders own 0.51% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. NuWave Investment Management LLC boosted its position in shares of EOG Resources by 2,366.7% during the 3rd quarter. NuWave Investment Management LLC now owns 1,184 shares of the energy exploration company’s stock valued at $151,000 after purchasing an additional 1,136 shares in the last quarter. Resources Management Corp CT ADV bought a new stake in shares of EOG Resources during the 3rd quarter valued at about $158,000. ELM Advisors LLC bought a new stake in shares of EOG Resources during the 3rd quarter valued at about $162,000. Sun Life Financial INC boosted its position in shares of EOG Resources by 464.4% during the 2nd quarter. Sun Life Financial INC now owns 1,569 shares of the energy exploration company’s stock valued at $195,000 after purchasing an additional 1,291 shares in the last quarter. Finally, Honkamp Krueger Financial Services Inc. bought a new stake in shares of EOG Resources during the 3rd quarter valued at about $198,000. 85.63% of the stock is owned by institutional investors.

EOG Resources Company Profile

EOG Resources, Inc, together with its subsidiaries, explores for, develops, produces, and markets crude oil and natural gas. The company's principal producing areas are located in New Mexico, North Dakota, Texas, Utah, and Wyoming in the United States; and the Republic of Trinidad and Tobago, the United Kingdom, the People's Republic of China, and Canada.

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